GM - Endurance Electric Pickup Is Coming
On Wednesday, Lordstown Motors Corporation (NASDAQ: RIDE) reported a second-quarter loss, confirming it will begin limited production of its Endurance pickup truck by the end of September. Shares rose 4.7% in after-hours trading.
Q2 figures
The second quarter resulted in a loss exceeding $108 million, or 61 cents a share, significantly greater than last year’sloss of nearly $8 million, or 11 cents a share. It ended the quarter in June 30 th with $366 million in cash and equivalents, guiding the third quarter with liquidity in the range between $225 million and $275 million excluding any funds from a capital raise.
The Ohio EV startup increased its guidance on 2021 capital expenditures from the prior forecast of $250 million to $275 million to a range between $375 million to $400 million due to prepayments for hard tool purchases.
The arrival of Endurance
In a landscape of challenging industry and supply chain circumstances, Lordstown announced its plant in the northeastern part of the state is production ready. Hub motor lines are currently being installed. The electric battery production line is fully commissioned. By completing vehicle validation and regulatory approvals in December and January, Lordstown plans to begin deployments with selected early customers during the first quarter of 2022 which will be followed by wider commercial deliveries in early Q2, with production ramping up in the second half of 2022.
The competitive landscape
General Motors (NYSE: GM) has just released a first official teaser for its first all-electric pickup truck, the upcoming Chevy Silverado. Since announcing it as a $80,000 “supertruck,” it was clear that it will not be going against Ford Motor’s (NYSE: F) electric version of the F150, the Lightning, Tesla Inc’s (NASDAQ: TSLA) Cybertruck, or Rivian’s R1T whose deliveries will begin in September. Offering 400+ miles of range on a single charge, GM’s electric pickup is designed from the ground up to be all-electric with the Ultium battery and drivetrain technology but the production timeline is still to be confirmed. Meanwhile, the luxurious Hercules Alpha and tech-advanced Atlis XT, both of which will be equipped with Worksport Ltd’s (NASDAQ: WKSP) revolutionary solar fusion TerraVis, are scheduled to debut next year. Also this week, Worksport revealed it is working on a new product termed “NPEV” that could play a significant role in decarbonizing transportation with truly green energy.
Electrifying pickups is a big deal
Electrifying pickups could easily end up being significant than electrifying cars because besides being US’ favorite vehicle, they are also the thirstiest vehicles on the roads so the electric shift could have an outsized impact on fossil fuel use and consequent emissions. It seems Rivian will be the first to reach the finish line by actually delivering the world’s first electric pickup but it the competitive field will be getting crowded over the next 12 to 24 months.
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